May 19, 2014
PR No. 045/2014

Order in the matter of M/s. Kolkata Weir Industries Ltd.

Shri Prashant Saran, Whole Time Member, SEBI has passed an order on April 30, 2014, wherein M/s. Kolkata Weir industries Ltd. and its directors & promoters , inter-alia have been directed to refund the money collected by the
company through issuance of Redeemable Preference Shares, with interest at the rate of 15% per annum and also not to access the capital market in any manner. They have also been restrained and prohibited from buying, selling or otherwise dealing in the securities market, from the date of this order till the expiry of three years from the date of completion of refunds to investors.
 
The company was engaged in fund mobilizing activity through issuance of Redeemable Preference Shares, to more than 49 persons, without complying with the relevant provisions of the Companies Act,1956.
 
SEBI had passed an interim order on August 14,2013 in the matter, whereby inter-alia, it directed the company and its promoters/directors not to collect any more money from investors through issuance of securities in any manner whatsoever.
 
The present order dated April 30, 2014 brings to conclusion the above said proceedings with the aforesaid directions.
 
 
  
Mumbai
 
May 19, 2014

For full copy of order against KOLKATA WEIR INDUSTRIES LIMITED AND ITS DIRECTORS/PROMOTERS, NAMELY,
MR. SAHAJAHAN KHAN,
MR. SAMSUL ALAM KHAN,
MR. RAM KRISHNA MONDAL,
MR. PRABIR HALDAR,
MR. RATAN KUMAR,
MR. AJAY KUMAR SRIVASTAB,
MR. SELIM LASKAR,
MR. LUKAMAN ANSARI,
MR. CHANDAN CHOWDHURY,
MR. SAHAJAMAL KHAN AND MR. LAKSHMI KANTA GAYEN click here.